Montgomery Investment Management Inc. Decreases Stock Position in Chevron Co. (NYSE:CVX)

Montgomery Investment Management Inc. lowered its stake in Chevron Co. (NYSE:CVX) by 0.4% during the 4th quarter, Holdings Channel reports. The firm owned 46,173 shares of the oil and gas company’s stock after selling 200 shares during the quarter. Chevron makes up about 2.6% of Montgomery Investment Management Inc.’s holdings, making the stock its 12th biggest position. Montgomery Investment Management Inc.’s holdings in Chevron were worth $6,688,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently made changes to their positions in the business. Tacita Capital Inc raised its position in shares of Chevron by 16.7% during the 3rd quarter. Tacita Capital Inc now owns 454 shares of the oil and gas company’s stock valued at $67,000 after buying an additional 65 shares in the last quarter. Wallace Capital Management Inc. raised its position in shares of Chevron by 0.8% during the 3rd quarter. Wallace Capital Management Inc. now owns 8,229 shares of the oil and gas company’s stock valued at $1,212,000 after buying an additional 65 shares in the last quarter. Cyndeo Wealth Partners LLC raised its position in shares of Chevron by 0.3% during the 3rd quarter. Cyndeo Wealth Partners LLC now owns 19,769 shares of the oil and gas company’s stock valued at $2,911,000 after buying an additional 67 shares in the last quarter. S.A. Mason LLC raised its position in shares of Chevron by 0.7% during the 3rd quarter. S.A. Mason LLC now owns 9,033 shares of the oil and gas company’s stock valued at $1,330,000 after buying an additional 67 shares in the last quarter. Finally, Jag Capital Management LLC grew its holdings in Chevron by 5.2% during the 3rd quarter. Jag Capital Management LLC now owns 1,366 shares of the oil and gas company’s stock valued at $201,000 after purchasing an additional 67 shares during the last quarter. 72.42% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Chevron

In other news, CEO Michael K. Wirth sold 164,600 shares of Chevron stock in a transaction dated Thursday, November 14th. The shares were sold at an average price of $160.13, for a total value of $26,357,398.00. Following the sale, the chief executive officer now owns 4,280 shares in the company, valued at $685,356.40. This trade represents a 97.47 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 0.20% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on CVX. Bank of America began coverage on shares of Chevron in a report on Thursday, October 17th. They set a “buy” rating and a $168.00 price target on the stock. DZ Bank upgraded shares of Chevron from a “hold” rating to a “buy” rating and set a $170.00 target price on the stock in a research note on Tuesday, November 5th. Raymond James dropped their target price on shares of Chevron from $180.00 to $175.00 and set an “outperform” rating on the stock in a research note on Monday. Barclays upped their target price on shares of Chevron from $168.00 to $174.00 and gave the stock an “overweight” rating in a research note on Monday, November 4th. Finally, Royal Bank of Canada reiterated an “outperform” rating and set a $175.00 price objective on shares of Chevron in a research note on Monday. Four equities research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. According to data from MarketBeat.com, Chevron presently has an average rating of “Moderate Buy” and a consensus price target of $174.33.

Chevron Trading Up 2.5 %

NYSE CVX opened at $153.14 on Wednesday. The company has a current ratio of 1.07, a quick ratio of 0.80 and a debt-to-equity ratio of 0.13. The company has a fifty day simple moving average of $152.97 and a two-hundred day simple moving average of $150.93. Chevron Co. has a 12-month low of $135.37 and a 12-month high of $167.11. The stock has a market cap of $275.20 billion, a P/E ratio of 15.75, a P/E/G ratio of 1.29 and a beta of 1.11.

Chevron (NYSE:CVX) last issued its earnings results on Friday, January 31st. The oil and gas company reported $2.06 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.42 by ($0.36). Chevron had a return on equity of 11.44% and a net margin of 8.71%. During the same quarter in the previous year, the firm posted $3.45 EPS. On average, analysts forecast that Chevron Co. will post 11.45 earnings per share for the current year.

Chevron Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, March 10th. Investors of record on Friday, February 14th will be given a dividend of $1.71 per share. This represents a $6.84 annualized dividend and a yield of 4.47%. The ex-dividend date of this dividend is Friday, February 14th. This is a positive change from Chevron’s previous quarterly dividend of $1.63. Chevron’s dividend payout ratio (DPR) is currently 67.08%.

About Chevron

Chevron Corporation, through its subsidiaries, engages in the integrated energy and chemicals operations in the United States and internationally. The company operates in two segments, Upstream and Downstream. The Upstream segment is involved in the exploration, development, production, and transportation of crude oil and natural gas; processing, liquefaction, transportation, and regasification of liquefied natural gas; transportation of crude oil through pipelines; transportation, storage, and marketing of natural gas; and carbon capture and storage, as well as a gas-to-liquids plant.